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GBP/USD Technical Analysis 04.05.2013

GBP/USD Technical Analysis 04.05.2013

2013-04-05 11:51:00
Ilya Spivak, Head Strategist, APAC
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GBP/USD Technical Analysis - Prices are consolidating above support in the 1.5040-91 area marked by the 14.6% Fibonacci expansion and a horizontal pivot level. A break below that aims for the 23.6% Fib at 1.4904. Resistance is in the 1.5260-1.53 region, defined by the March 25 high and a previously broken range bottom dating back to 2010. We continue to hold short for now.

Forex_GBPUSD_Technical_Analysis_04.05.2013_body_Picture_5.png, GBP/USD Technical Analysis 04.05.2013

Daily Chart - Created Using FXCM Marketscope 2.0

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--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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